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Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

Interim Management Statement

10 November 2011

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (12th June 2011) to date.

The Board is pleased to report that the business has continued to perform well, particularly during the crucial October trading period (period 11). In addition, further 'legacy' property agreements have reduced aggregate future costs by £19m.

Trading

Trading conditions have continued to be demanding since the end of the first half of the year.

Between the end of the first half of the year and the end of October (periods 7 to 11), revenue from Howden Joinery UK depots was 6.2% higher than the corresponding periods last year. The increase in revenue was higher than the underlying increase seen in first half of the year1, reflecting the benefit of a price increase initiated at the start of the second half.

In the first 11 periods (44 weeks) of 2011, ending 29th October, Howden Joinery UK depots' revenue was up 5.6%, rising 3.2% on a same depot basis.

Our gross margin performance is in line with market expectations for the year2.

Business developments

Since we released our 2011 Half Yearly Report in July 2011, we have opened six new depots, resulting in eleven depots being opened so far this year and bringing the total to 500. We are on course to open 20 in the whole of 2011.

We continue to invest in our product offering and marketing, having recently rolled-out two new kitchen ranges, introduced a two-year guarantee on all our Lamona appliances and doubled the size of our fleet of hardware and flooring sales vans, to more than 110.

Legacy properties

The Group continues to manage proactively its 'legacy property' portfolio, the liability for four properties having been removed since the publication of the Half Yearly Report. These transactions involved making cash payments to the landlords of the properties totalling £5.6m, in return for being released from all obligations in respect of the leases.  In so doing, total future costs of £19m have been mitigated.

For the year to date, the number of legacy properties has fallen by 18 to 22, involving cash payments to the landlords totalling £17.0m, thereby mitigating total future costs of over £55m and reducing the remaining net annual rent and rates liability to £7m.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Outlook

We are encouraged by the strength of our performance this year but remain cautious about the outlook for 2012, given the continuing uncertainty about the prospects for the economy.

In respect of the remainder of this year, sales in the last two periods are generally lower than other periods. Even so, sales in those periods are usually in excess of 10 per cent of annual turnover.

Note 1: In our 2011 Half Yearly Report, we said that sales since mid-March had increased by 3.7%, the sales comparison for the early part of the year having been distorted by the impact of cold weather in 2010.

Note 2: The current range of market expectations is believed to be 59.1% to 59.9%.

Next scheduled announcement

The Group will release its 2011 Preliminary Results on 1 March 2012.

 

Enquiries
Investors/analysts:
Gary Rawlinson +44 (0)207 535 1127
Head of Investor Relations +44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Edward Moore

 

HOWDENS Making space more valuable

culture & people

Business model and Strategy

Find out more about our business model and strategy, the markets in which we operate and our strategic approach to protect our unique business model and ensure that the business continues to grow.
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Our depots

As a familiar sight across towns and cities in the UK and Europe, our depots are always within easy reach, so a trade professional never has far to travel to find their nearest Howdens. Get to know more about how each one operates.
our history

Sustainability

Our sustainable behaviour is at the heart of our business and enables us to reduce some of our risks. We take great pride in ensuring that our business positively impacts the world around us and the people within it.
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In the community

We are passionate about supporting the local communities we operate in, which is why our depots and support staff actively seek ways to give something back. Whether it is running half marathons or sponsoring local Scout groups, discover the many ways we help good causes.
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Our products

With more than 80 kitchen styles, an exclusive appliance brand, Lamona, and thousands of products across joinery and hardware, learn why our builders have come to trust the range and quality of the products we offer.
business strategy

People & Careers

The Sunday Times named Howdens as one of the top 25 big companies to work for. Discover why Howdens is a great place to work, how we develop our people and reward them, whilst building a culture with an entrepreneurial spirit.
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Financial Results

Download copies of the latest financial results for Howdens both past and present including the associated presentations and Interim Management Statements released between results announcements.
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Governance

Howdens is a responsible business which was founded on the tenet that the Company should be worthwhile for all concerned, with a commitment to the people within its reach and the wider world. Here we provide the links to the framework that informs our decisions and outcomes.